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Rent free house to director

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 May 2013 Dear Experts,

Please suggest the Correct Accounting Head to be Charged agst. Monthly Payment of INR 3.50 Lacs paid towards Lease rent for an accomodation provided to a Director in a company.

Thanks!
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
30 May 2013 Need to debit as Rent expenses only and incase the director also employee of the company then need to be taxed as taxable perquisite in the hands of director
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 May 2013 Thanks Ramesh but it will be better if you can tell should i show it as "Rent for free Accomodation" in my books of a/cs????
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
30 May 2013 It is rent free accommodation for Director, not for company. this just rent expenses for company. you can debit separately as Rent- Director accommodation to keep the track
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